I will say they are pricey ( that's why they call it hard money) and you would need to have skin in the game.

You're going to have skin in the game and lenders will look for it and check your DTI, credit history, employment history, bla bla if you buying in your name.

Having someone with some skin in the game has been a good option. 

Consequently, I am exploring the option of bringing in a local investor as a partner who will have a vested interest in managing the property effectively (skin in the game). 

But if you evaluate the area, the property, and then aim to make sure you're operating at cash flow breakeven or better, that's where you're going to win big in Detroit.What you're saying is correct, but let's go underneath the surface here.

New investor with skin in the game.

I am afraid if you are chasing cash flow and associate cash flow with lower risk, you will wind up purchasing in a lower barrier of entry/lower cost market where cash flow may seem better on the surface but the real estate is riskier unless the market experiences significant appreciation.  

What's going to be more effort - doing a bunch of floating and patching on an old surface, or starting from scratch with modern building materials?

Pool service is also a must, as letting a tenant service the pool is not recommended.Now, if the pool is seriously in need of repairs or needs a new surface or equipment, maybe filling it in or covering it makes sense.

Your dad can help investors flip houses without having any skin in the game.